Company No: 08828475 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	31.12.2025		31.12.2024
		£		£
Fixed assets
Tangible assets	3	4,535		5,564
		4,535		5,564
Current assets
Stocks	4	764,119		833,395
Debtors	5	2,024,203		1,506,655
Cash at bank and in hand		4,998,176		4,958,837
		7,786,498		7,298,887
Creditors: amounts falling due within one year	6	( 2,102,531)		( 2,163,239)
Net current assets		5,683,967		5,135,648
Total assets less current liabilities		5,688,502		5,141,212
Provision for liabilities		( 137)		( 331)
Net assets		5,688,365		5,140,881
Capital and reserves
Called-up share capital		1		1
Profit and loss account		5,688,364		5,140,880
Total shareholder's funds		5,688,365		5,140,881

For the financial year ending 31 December 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Accapi Ltd (registered number: 08828475) were approved and authorised for issue by the Board of Directors on 03 July 2026. They were signed on its behalf by:

S M Robson Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Accapi Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Tanfield Lea Business Centre, Tanfield Lea, Stanley, DH9 9DB, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The comparative period was from 1 October 2023 to 31 December 2024 to bring the period end date in-line with the parent company. The comparative figures included are therefore not entirely comparable.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings	4 years straight line
Computer equipment	4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, stock is assessed for impairment on an item-by-item basis, or by groups of similar items where appropriate. If the carrying amount exceeds NRV, a provision is recognised to write down the stock to NRV, with the impairment loss being charged to cost of sales included within the profit and loss account.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

	Year ended 31.12.2025		Period from 01.10.2023 to 31.12.2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	17		18

3. Tangible assets

	Fixtures and fittings		Computer equipment		Total
	£		£		£
Cost
At 01 January 2025	31,645		38,099		69,744
Additions	0		4,026		4,026
At 31 December 2025	31,645		42,125		73,770
Accumulated depreciation
At 01 January 2025	31,645		32,535		64,180
Charge for the financial year	0		5,055		5,055
At 31 December 2025	31,645		37,590		69,235
Net book value
At 31 December 2025	0		4,535		4,535
At 31 December 2024	0		5,564		5,564

4. Stocks

	31.12.2025		31.12.2024
	£		£
Stocks	764,119		833,395

5. Debtors

	31.12.2025		31.12.2024
	£		£
Trade debtors	345,326		354,451
Amounts owed by Group undertakings	27,487		25,087
Other debtors	1,651,390		1,127,117
	2,024,203		1,506,655

Amounts owed by Group undertakings are repayable on demand and do not bear interest.

6. Creditors: amounts falling due within one year

	31.12.2025		31.12.2024
	£		£
Bank overdrafts	222,620		174,074
Trade creditors	1,090,430		908,325
Taxation and social security	444,045		773,590
Other creditors	345,436		307,250
	2,102,531		2,163,239

There are no amounts included above in respect of which any security has been given by the company.

7. Related party transactions

Transactions with the entity's directors

At 1 January 2025, G Heydon owed the Company £394,566. During the year, the company paid advances to G Heydon of £531,237 and G Heydon repaid the company £113,309. The balance due from the G Heydon at 31 December 2025 was £812,494.

At 1 January 2025, E M Heydon owed the Company £445,564. During the year, the company paid advances to E M Heydon of £132,687 and E Heydon repaid the company £25,000. The balance due from E M Heydon at 31 December 2025 was £553,251

Loans to Directors are interest-free and repayable on demand.

Other related party transactions

The company has taken advantage of the exemptions included in FRS 102 33.1A not to disclose transactions with wholly owned group companies.

8. Events after the Balance Sheet date

On 18 May 2026, after the end of the reporting period, G Heydon, the sole shareholder of Ruffwear Europe Limited (formerly Ruffwear Europe Holdings Limited), the parent company of Accapi, sold his entire shareholding to Ruffwear Europe Holdings Limited (formerly Ruffwear Europe Limited).

This transaction represents a change in ownership and control of the company and is considered a non-adjusting event after the end of the reporting period. Accordingly, no adjustment has been made to the amounts recognised in these financial statements.

9. Ultimate controlling party

Parent Company:

Ruffwear Europe Limited

Tanfield Lea Business Centre, Tanfield Lea, Stanley, England, DH9 9DB

The ultimate parent of the company is Ruffwear Europe Holdings Limited.